Dodd To Big Three: Don't Expect Aid Soon
Concluding a nearly four-hour hearing of the Senate Banking committee, Sen. Chris Dodd (D-Conn.) told the heads of the Big Three automakers testifying before him: Don't hold your breath for the $25 billion in loans you're asking for.
GM, Ford, Chrysler and the United Auto Workers are asking for the loans to help stabilize the struggling Detroit automakers and keep them in business. Despite a push from some lawmakers, Detroit is trying to avoid filing for bankruptcy.
But lots of unanswered questions remain about how Detroit would spend the money and whether they'd be solid companies going forward, Dodd said.
"I'd like to tell you this is going to happen over the next couple of days," Dodd said. "I don't think it is."
Dodd added, however, that he wants some sort of aid for Detroit, saying: "Inaction is not a solution."
-- Frank Ahrens
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